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☆ Tesla's stock wraps up one of its worst quarters on record as global dominance wanes
▼ + stars: | 2024-03-29 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +11 min

Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. Tesla's Model 3 is about $4,000 more than that. Aging lineup, early days for Cybertruck While EV sales are still gaining popularity worldwide, the growth rate has slowed. In a push for end-of-quarter sales, Musk recently mandated that all sales and service staff install and demo FSD for customers before they hand over their cars. Despite its name, Tesla's premium option requires a human driver at the wheel, ready to steer or brake at any moment.

Persons: Florence Lo, Tesla, Troy Teslike, Tesla's, China's BYD, BYD, Lei Jun, Emmanuel Rosner, Rosner, Elon Musk, Krisztian Bocsi, Rohan Patel, Musk, Sandy Munro, Forbes, Larry Magid, Donald Trump, He's, he's, Investor Ross Gerber, who've, Brad Gerstner, Gerstner, FSD Organizations: Reuters, FactSet, Independent, Qin, Tesla's, China Passenger Car Association, Bloomberg, Deutsche Bank, Tesla, Volvo, Elon, Tesla Inc, Getty, IF Metall, IF Metall's, IF, Pew Research, Gallup, Investor, CNBC, Bears, S3 Partners, U.S Locations: Beijing, China, China In China, Shanghai, Europe, Red Sea, Iran, Gruenheide, Germany, Brandenburg, Berlin, Swedish, Sweden, U.S, Austin , Texas, San Jose , California, Fremont , California, Florida, Haiti, Texas, Delaware

☆ BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
▼ + stars: | 2024-03-26 | by ( Laura He | Anna Cooban | ) edition.cnn.com time to read: +2 min

Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507. In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000. But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.

Persons: London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker Organizations: London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors Locations: Hong Kong, London, Shenzhen, China

☆ Xpeng to launch cheaper EV brand amid fierce China price competition
▼ + stars: | 2024-03-17 | by ( ) www.cnbc.com time to read: +1 min

Chinese electric-vehicle maker Xpeng announced plans to launch a cheaper brand, entering a highly competitive segment amid an intense price competition in the EV industry. Competition in China's EV market has intensified as companies race to cut prices, with market leader BYD spearheading a deeper round of price reductions. Xpeng said it will successively introduce models under the brand, which it did not name, each with different levels of intelligent driving capabilities. The new brand is dedicated to creating "the first AI-assisted driving car for young people," it said. Sales of battery-powered EVs in China slowed to 18.2% in the first two months of the year from 20.8% for all of 2023, according to the China Passenger Car Association.

Persons: Xiaopeng, BYD, Xpeng Organizations: Xpeng, EV, China Passenger Car Association Locations: Beijing, China

☆ China is teaching the likes of Apple and Tesla a very painful business lesson
▼ + stars: | 2024-03-11 | by ( Hasan Chowdhury | Lina Batarags | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In turn, sentiment toward Western business has soured. It's no wonder US companies that once banked on this being the "Chinese century" are having to learn a very painful lesson about doing business in China. According to The Wall Street Journal, a directive known as Document 79 is being ramped up to push out Western companies. AdvertisementHow Western companies respond will be closely watched, as China remains too valuable to lose a hold of.

Persons: —, Apple's, Tesla, Gene Munster, Wang Gang, Muster, BYD, It's, John Keeble, Li Qiang, Suzanne Clark Organizations: Service, Business, Research, Apple, Getty, Shanghai gigafactory, Bloomberg, China's Passenger Car Association, Deepwater Asset Management, Huawei, Volkswagen, Reuters, National People's Congress, Wall Street, US Chamber of Commerce Locations: China, Beijing, Shanghai

☆ Elon Musk again promises next-generation Roadster, six years after first hyping it
▼ + stars: | 2024-02-28 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Six years ago, Elon Musk hyped a next-generation Roadster, the name of Tesla's debut car from 2008. A refreshed version was never produced, but Musk is once again promising a new Roadster is on the way. "Tonight, we radically increased the design goals for the new Tesla Roadster," Musk wrote on X as part of a series of posts Tuesday night. Musk first promoted the next-generation Roadster concept in June 2018 in a series of tweets. He said at that time, "SpaceX option package for new Tesla Roadster will include ~10 small rocket thrusters arranged seamlessly around car."

Persons: Elon Musk, Musk, Tesla, Musk's, BYD, Morgan Stanley Organizations: Tesla, SpaceX, Ferrari, China Passenger Car Locations: U.S, China

☆ What the U.S. can learn from Norway when it comes to EV adoption
▼ + stars: | 2024-02-17 | by ( Jeniece Pettitt | ) www.cnbc.com time to read: +1 min

Norway boasts the highest electric vehicle adoption rate in the world. Some 82% of new car sales were EVs in Norway in 2023, according to the Norwegian Road Federation (OFV). In comparison, 7.6% of new car sales were electric in the U.S. last year, according to Kelley Blue Book estimates. In the world's largest auto market, China, 24% of new car sales were EVs in 2023, according to the China Passenger Car Association. So that's a big advantage," said Petter Haugneland, the assistant secretary general of the Norwegian EV Association.

Persons: Kelley, Ragnhild Syrstad, Syrstad, Petter Haugneland Organizations: Norwegian Road Federation, China Passenger Car Association, Norwegian Ministry of, Norwegian EV Association . CNBC Locations: Norway, U.S, China, Norwegian, Oslo

☆ Paris SUV parking charges to triple as voters back mayor’s initiative
▼ + stars: | 2024-02-05 | by ( Chris Liakos | Laura Paddison | ) edition.cnn.com time to read: +3 min

Paris CNN —Parisians voted in favor of tripling the parking costs for SUVs on Sunday, following a proposal by the Paris mayor’s office, as the city aims to cut air pollution and tackle the climate crisis. Citizens were asked to decide whether there should be a specific parking rate for “heavy” and “polluting” vehicles. The results of the Paris vote are expected to be verified on Monday by the electoral commission. Paris Mayor Anne Hidalgo thanked those who cast their vote on Sunday, stressing that it was a question about ecology, road safety and public health. Some car associations have come out strongly against the SUV proposal, however, including the group 40 Millions d’Automobilistes (40 Million Motorists).

Persons: Paris Mayor Anne Hidalgo, Hidalgo Organizations: Paris CNN, Paris, Citizens, €, International Energy Agency, Paris Mayor Locations: Paris, US, India, Europe

☆ Japan or China — which is the world’s top car exporter?
▼ + stars: | 2024-02-02 | by ( Laura He | Himari Semans | ) edition.cnn.com time to read: +2 min

Hong Kong/Tokyo CNN —Did China just pull ahead of Japan to become the world’s top car exporter? “It is a certainty that China has become the world’s largest exporter,” the China Passenger Car Association (CPCA) said last month. And the picture is further clouded if you consider industry association data. One trend is clear though: China has been closing the gap with the world’s top car exporting nations over the past two years. In 2023, China’s passenger car exports rose 62% from 2022, according to data published by the CPCA last month.

Persons: BYD, Tesla, Elon Organizations: Tokyo CNN —, China Passenger Car Association, Japan Automobile Manufacturers Association, China Auto Manufacturing Association, Elon Musk’s Locations: China, Hong Kong, Tokyo, Japan, Beijing, South Korea, Germany, Russia, Moscow, Ukraine, Europe, Australia, Southeast Asia, Shenzhen

☆ A surge of Russian demand has made China the world's biggest car exporter
▼ + stars: | 2024-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Automakers Geely and Great Wall Motor similarly saw a sharp uptick in car sales to Russia. A combination of soaring prices, weak consumer sentiment, and dwindling supply has sent domestic car sales crashing to roughly a quarter of pre-war times. "Russians are just buying less cars, period," researcher Steven Tian said in an interview with Business Insider at the time.

Persons: —, Geely, BYD, Steven Tian Organizations: Service, Wall, Business, China Passenger Car Association, Chery, Elon Musk's, Yale Locations: Ukraine, Moscow, China, Japan, Russia

☆ BYD's five best-selling cars, including one edging out Tesla's Model Y in China
▼ + stars: | 2024-01-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BYD's new luxury brand Yangwang is selling its first model, the U8, for more than 1 million yuan (US$160,000). While Tesla's Model Y was the best-selling purely battery-powered car in China for the six months ending in November, BYD vehicles accounted for four of the top 10 such cars sold during that time. When including hybrids, seven BYD cars made the top 10 list. That's according to China Passenger Car Association data cited by consumer information site Autohome. Here are the five best-selling BYD new energy vehicles in China, according to the data:

Persons: BEIJING — BYD, Tesla Organizations: BEIJING —, China Passenger Car Locations: BEIJING, China

☆ Anhui Jianghuai Automobile says Nio unit, state-owned firm win bid for assets
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.

Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing

☆ Tesla's China-made EV sales fall 17.8% in Nov, biggest drop since Dec 2022
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, Dec 4 (Reuters) - Sales of U.S. automaker Tesla's (TSLA.O) China-made electric vehicles (EVs) skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. That marked the biggest fall since December 2022 when Tesla's sales of China-made EVs fell 21% on the year as the U.S. automaker reduced output and cut prices to deal with rising inventories and weakening demand. Xi expressed his support for Tesla's development in China, the automaker said in a Weibo post. Li Auto (2015.HK) last month said mass production and delivery of its first full EV are scheduled for February. Smartphone maker Xiaomi (1810.HK) has also moved closer to EV production, with a unit of automaker BAIC Group (1958.HK) applying for regulatory approval to build two Xiaomi-branded cars.

Persons: Tesla's, EVs, BYD, Tesla, Elon Musk's, Musk, Xi Jinping, Xi, Li Auto, Qiaoyi Li, Zhang Yan, Brenda Goh, Bernadette Baum, Kirsten Donovan Organizations: U.S, China Passenger Car Association, APEC, Reuters, Li, HK, BAIC Group, Thomson Locations: BEIJING, SHANGHAI, China, San Francisco, Weibo

☆ Tesla's China-made EV sales skid 17.8% on year in November
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 4 (Reuters) - Sales of U.S. automaker Tesla (TSLA.O)'s China-made electric vehicles skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. Deliveries of China-made Model 3 and Model Y cars rose 14.3% from October. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, saw passenger vehicle deliveries set another record at 301,378 vehicles, up 0.09% from October and up 31% from a year earlier. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Bernadette Baum Organizations: U.S, China Passenger Car Association, Thomson Locations: BEIJING, China

☆ China adds Nio to list of approved vehicle manufactures - website
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - Electric vehicle maker Nio (9866.HK) has been added to a Chinese industry ministry database permitting companies to produce vehicles in the country, according to the ministry's website. The website gave no details on whether or when a manufacturing licence was granted to Nio, which has since 2018 partnered with Anhui Jianghuai Automobile Group (JAC) to produce electric vehicles on a contract basis. U.S. luxury EV maker Lucid Group (LCID.O) has also been advised of the low likelihood for approval, sources have told Reuters. The last EV maker to receive both permits was Shandong-headquartered EV maker Sinogold in May 2019.

Persons: Bernadett Szabo, Nio, Cui Zhuzhu, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: REUTERS, Rights, HK, Anhui Jianghuai Automobile, China Securities Journal, Tesla Inc, Reuters, Lucid, Sinogold, China Passenger Car Association, Thomson Locations: Biatorbagy, Hungary, Anhui, JAC's, Shanghai, China, Shandong

☆ China's Nio, Changan Auto to jointly develop battery-swapping EVs
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of NIO seen on an EL6 car model is pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSHANGHAI, Nov 21 (Reuters) - Nio (9866.HK) said on Tuesday it would partner with Changan Automobile (000625.SZ) to develop battery-swapping electric vehicles, in an attempt by the loss-making Chinese EV maker to ease costs. The partnership will also see Nio and state-owned Changan on building and sharing battery-swapping stations and standardising batteries, Nio said in a statement to Reuters. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. By Nov. 21, Nio had 2,113 battery swapping stations in China and nearly 1 million charging poles.

Persons: Annegret, Nio, Tesla, Zhang Yan, Brenda Goh, Christopher Cushing, Miral Organizations: REUTERS, Rights, HK, Changan Automobile, Reuters, China Passenger Car Association, Thomson Locations: Berlin, Germany, China, Beijing

The German auto giant isn't alone in its struggles, according to CNBC's analysis of 10 global car brands. While Volkswagen remains by far a giant in China's car market with around 3 million vehicles sold a year, the German brand hasn't gained much traction in the electric car space. In July, the company opted to invest about $700 million into Chinese electric car start-up Xpeng to jointly develop two cars for China. Toyota , which has struggled in the market transition to electric cars, is set for its worst year of overall China sales since 2020 with about 1.8 million vehicle sales, CNBC found. Tough competitionAlthough China's new energy market is growing quickly, competition is fierce, even for domestic brands.

Persons: Evelyn Cheng, Alvin Liu, Liu, Bernstein, BYD, Tesla, Nio Organizations: CNBC, Volkswagen, Nissan, Hyundai, China Passenger Car Association, Toyota, Canalys, Honda, BYD, Tesla's, Plaid — Locations: Europe, China, North America, Evelyn Cheng BEIJING, Shenzhen, Shanghai, Beijing, German

Lending data from China's central bank offers a glimpse of government priorities: as of the end of September, outstanding loans to the troubled property sector fell 0.2% year-on-year but lending to the manufacturing sector jumped 38.2%. This time, the government's focus is narrower, targeting high-tech and "advanced manufacturing", a goal laid out in 2021 in the 14th five-year plan. It grew 11.3% in the first nine months of 2023 year-on-year, compared with 6.3% for overall manufacturing investment, according to data from China's National Bureau of Statistics. For example, Guangdong province has increased lending to both high-tech and advanced manufacturing by about 45%, state media reported. During the first half of 2023, outstanding loans to the high-tech manufacturing sector in the eastern province of Shandong jumped 67%.

Persons: Jens Eskelund, Eskelund, Xi Jinping, Joe Biden, Frederic Neumann, Neumann, Tao Wang, Wang, Fu, Lu Zhengwei, Siyi Liu, Kripa Jayaram, Robert Birsel Organizations: Rights, European Chamber of Commerce, Asia Pacific Economic Cooperation, U.S, Reuters Graphics, overcapacity, HSBC, UBS, China's National Bureau of Statistics, Rystad Energy, EV, China Passenger Car Association, Bank, Industrial Bank, Thomson Locations: Suqian, Jiangsu province, China, CHINA, Rights BEIJING, Europe, Beijing, San Francisco, Xi, Asia, Guangdong province, Shandong, Dongguan, Shanghai

☆ CNBC Daily Open: Powell’s hawkish speech sent bond yields soaring
▼ + stars: | 2023-11-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hawkish PowellIn a speech that carried broad hawkish overtones, Federal Reserve Chair Jerome Powell said the U.S. central bank is "not confident" monetary policy is "sufficiently restrictive to bring inflation down to 2 percent." Still, Powell acknowledged there's a "risk of overtightening," and said "monetary policy is generally working the way we think it should work." Both are economic giants that have yet to achieve their full potential, but hold promises for emerging market investors.

Persons: Hawkish Powell, Jerome Powell, Powell, there's, Hong, Wynn Macau, Tesla's, Tesla, SMIC Organizations: CNBC, Nasdaq, Wynn, HSBC Global, HSBC, Li Auto, Chinese Passenger Car Association Locations: U.S, Asia, Pacific, Tesla's, China, India, —

☆ Startup Li Auto is beating Tesla China's EV sales
▼ + stars: | 2023-11-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese startup Li Auto sold more cars in October than Tesla's China business did in October, according to the China Passenger Car Association. BEIJING — Chinese startup Li Auto sold more cars than Tesla' s China business did in October, according to the China Passenger Car Association. The startup sold a record 40,422 cars in October, far more than Tesla did at 28,626, association data showed Thursday. Li Auto plans to begin delivering its first battery-only model in February 2024, the MEGA multi-purpose vehicle. The company said it's planning three more battery-only vehicles for launch in the second half of next year.

Persons: Tesla, Li Organizations: Li Auto, China Passenger Car Association Locations: China, BEIJING

☆ China's car sales quicken in Sept; exports rise 50%
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Passenger vehicle sales totalled 2.04 million units in Sept, the China Passenger Car Association (CPCA) said on Wednesday. Reuters GraphicsNew energy vehicle (NEV) sales were up 22.1% in September from a year earlier, making up 36.6% of total car sales, and helping several local brands set record high sales. Reuters GraphicsSeptember is traditionally a bumper month for car sales in China, partly because many people go on a shopping spree ahead of the Mid-Autumn Festival and National Day holidays. CPCA Secretary General Cui Dongshu said the downturn in the property market bode well for car sales, as many people were now choosing to buy cars instead of investing in housing. For the first nine months, sales in the world's largest car market rose 2.1% to 15.41 million units.

Persons: Tingshu Wang, General Cui Dongshu, bode, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Miral Organizations: Business, REUTERS, Rights, China Passenger Car Association, Reuters Graphics, Reuters, CPCA, Overseas, EU, Exports, EV, Li, HK, Thomson Locations: China, Rights BEIJING, U.S

☆ China's Golden Week: expected consumption boom disappoints
▼ + stars: | 2023-10-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has concluded its Golden Week holiday on a muted note, with key travel and spending data showing weaker-than-expected recovery in consumption amid a wider economic slump. Before the holiday, the ministry had expected domestic travel to hit 896 million trips, and tourism spending to reach 782.5 billion yuan ($107 billion). According to the National Immigration Administration, on average 1.48 million people crossed the border every day during the Golden Week holiday. Weakness at the box officeChina’s box office hit multi-year lows during the holiday week. A recovery in domestic consumption not related to the Golden Week also fell short of expectations.

Persons: ” Goldman Sachs, Tesla, BYD Organizations: Hong Kong CNN, Ministry of Culture, Tourism, National Immigration Administration, Shenyang North Railway, Stringer, Getty, Citi, Entertainment, Tencent, China Passenger Car Association Sunday, CNN, EV Locations: China, Hong Kong, Beijing, China's, Liaoning, AFP, Tourism

☆ Stocks making the biggest moves premarket: Exxon Mobil, Lockheed Martin, Walt Disney and more
▼ + stars: | 2023-10-09 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

An Exxon gas station sign is seen on October 06, 2023 in the Brooklyn borough of New York City. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback. Exxon Mobil , Chevron , Occidental Petroleum — Energy stocks popped as oil prices rallied following the Hamas attack on Israel over the weekend. Blue Owl Capital — Shares of the investment company dropped 2.6% after Oppenheimer downgraded Blue Owl Capital to perform from outperform. Lockheed Martin — The aerospace and defense company saw shares rise about 4.5% in premarket trading following the surprise attack on Israel by Palestinian militant group Hamas over the weekend.

Persons: Walt, Nelson Peltz's, Trian's, Trian, Saket Kalia, Oppenheimer, Bristol Myers, Tesla, Lockheed Martin, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel, Pia Singh Organizations: Exxon, Walt Disney —, Street Journal, Management, JPMorgan, Spotify Technology, Barclays, Oracle, ISI, Exxon Mobil, Occidental Petroleum — Energy, Chevron, Occidental, Owl, Mirati Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Lockheed, Hamas Locations: Brooklyn, New York City, Chevron, Israel, China, Palestinian

☆ Stocks making the biggest moves midday: General Dynamics, United Airlines, Spotify and more
▼ + stars: | 2023-10-09 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Spotify — Shares of the music streaming service company fell 2.5% after Redburn Atlantic downgraded the streaming giant to neutral from buy. Tesla — The automaker's stock fell 2.3% in Monday trading upon news that the company's year-over-year sales declined 10.9% in China last month, according to data from the China Passenger Car Association. Oil stocks — Energy stocks soared following the escalation of the Israel-Hamas conflict over the weekend. Airline stocks — On a broader level, airline names were down after several major airlines suspended service to Israel following this weekend's attacks. United Airlines slid 5.3%, while Delta Air Lines and American Airlines shed 4.5% and 5.3%, respectively.

Persons: Elizabeth, Saket Kalia, Bristol Myers, Tesla, Baird, — Datadog, Hess, Northrop Grumman, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound Organizations: General Dynamics Corp, Spotify, Atlantic, Amazon, Barclays, Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Motorola Solutions, Motorola, Bank of America, — Energy, Halliburton, CF Industries, Defense, L3Harris Technologies, General Dynamics, Airline, United Airlines, Delta Air Lines, American Airlines Locations: NASSCO, Norfolk , Virginia, China, Israel, Palestine

☆ Tesla stock dips after China EV sales fall 11%
▼ + stars: | 2023-10-09 | by ( Jake Piazza | In Jakepiazza | ) www.cnbc.com time to read: +1 min

The new Tesla Model 3+ is on sale at a Tesla store in Hangzhou, Zhejiang province, in China, on Sept. 26, 2023. Tesla stock dipped about 2% Monday after its sales of China-made electric vehicles decreased 10.9% year over year for the month of September, according to a report from the China Passenger Car Association published Sunday. Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September. The company slashed prices for some of its Model 3 and Model Y vehicles in the U.S. on Oct. 6. Tesla will report third-quarter earnings on Oct. 18.

Persons: Tesla Organizations: Tesla, China Passenger Car Association, U.S . Locations: Hangzhou, Zhejiang province, China, U.S

☆ Tesla's China-made EV sales volume falls 10.9% year-on-year in September
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Tesla sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Sales of China-made Model 3 and Model Y cars were down 12.0% from a month earlier. The U.S. automaker, which ships more China-made cars for exports at the beginning of each quarter while focusing on domestic deliveries at the end, almost doubled its China EV share from July to August. Tesla, the largest exporter of China-made EVs, is also facing a probe by the European Commission into subsidies for battery-powered cars from China, along with Renault and other Chinese automakers. Tesla's deliveries of China-made vehicles hit a record 247,217 in the second quarter.

Persons: Aly, Tesla, BYD, Xpeng, Zhang Yan, Qiaoyi Li, Roxanne Liu, Brenda Goh, Toby Chopra Organizations: Artificial Intelligence, REUTERS, Rights, U.S, China Passenger Car Association, of, China EV, HK, European, Renault, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, of China

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